Interbank bond market for PE funds
Print Edition
CHINA’S central bank will allow private equity funds into the interbank bond market for the first time as it aims to open the channels wider for companies to access capital, said a central bank document yesterday.
The net assets of PE funds entering the market should be no less than 10 million yuan (US$1.6 million), the People’s Bank of China said in the document.
The PBOC added that managers of the PE funds should be registered as qualified private fund investors and meet all license conditions, the document said.
“The move aims to let more investment groups participate in the interbank bond market, improve the scheme of a multi-level market and serve the economy better,” the PBOC said.
Once approved, the qualified managers can trade corporate and government bonds in the market. China’s interbank market is eligible only to institutional investors so far.
The amount of bonds outstanding in China has almost doubled in the past six years to 29.6 trillion yuan at the end of May, 93 percent of which is in the interbank market, according to ChinaBond data.
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